TIX Protocol Litepaper
Bringing the lowest-cost, event ticketing solution to Terra.
Table of Contents
- Executive Summary
- Introduction to TIX
- TIX vs Traditional Event-Ticketing Solutions
- Product Development & Roadmap
- TIX.Token & Value Accrual Mechanisms
- TIX.Team & Core Contributors
1. Executive Summary
TIX’s vision is to bring the lowest cost ticketing marketplace to the blockchain. We’ll be putting more money in the pockets of performers by eliminating astronomically high fees and allowing them to earn passive income through NFT royalties. We’ll also equip event-goers with automated strategies to earn free or discounted tickets, opening up possibilities to fans who would otherwise be unable to purchase tickets.
TIX is filling a desperate need for a ticketing marketplace within the Terra ecosystem — Our initial product will be the TIX.Marketplace. Event tickets will be listed and promoted here by event organizers. Users will be able to buy the tickets outright or choose to pay for the ticket over time using available yield redirection options. As such, users will be able to buy tickets while preserving their principal deposit or, eventually, by paying with their future yield.
One of the key features of this project is providing the users a way to purchase tickets they otherwise may not be able to afford. By utilizing yield to pay down a ticket’s cost over time, the user may simultaneously earn access to shows without incurring the cost of the ticket. On the flip side, event organizers will be able to compensate for potentially unsold tickets by utilizing the same mechanism from purchased tickets.
Through the TIX.Marketplace, event organizers and artists will be able to sell digital merchandise directly to their fanbase in the form of NFTs. Everything from songs, albums, artwork, and more will be at the fan’s fingertips and with recurring royalties on the resale of these NFTs, the creator can create an endless stream of revenue on top of initial event revenue.
TIX will eventually provide users with the means to crowdfund their own events and attract different calibers of artists to put on incredible events without the need to be a giant, event-organizing conglomerate.
2. Introduction to TIX
TIX is building the industry’s lowest cost, on-chain ticketing marketplace with the goal of eliminating the astronomical fees associated with buying, selling, or transferring tickets that exist on mainstream platforms like Ticketmaster and StubHub.
Our aim is to allow users to utilize existing yield bearing strategies like Anchor Savings and Apollo Vaults to pay off a ticket without giving up their principal. When the entirety of the ticket is paid off, the principal is released back to the user, and they receive their ticket in the form of a transferable NFT.
TIX’s dynamic-yield calculator tool will estimate the best possible strategy, wherein the user gets the ticket at the best possible rate based on how much their initial principal is and which strategies are available.
If the user’s yield does not pay off the ticket by the cut-off date, they will be offered 3 options:
Option 1) Pay off the remaining balance of their ticket with part of their principal and receive the difference back.
Option 2) Pay off the remaining balance of their ticket with UST or TIX. The user would receive their full principal back and be issued the ticket.
Option 3) Receive their entire principal back but they will not receive the ticket; additionally, part of their yield will be returned and a portion will be used to buy back TIX.Tokens to be distributed as staking rewards.
3. TIX vs. Traditional Event-Ticketing Solutions
Traditional ticketing platforms take large fees from the consumer, strictly control how events are run by acting as both the promoter and ticketing service, and allow scalpers to make large profits on resale tickets by not having a dedicated secondhand market. This model caters to only the largest profit potential events, leaving others to fend for themselves.
TIX aims to create a symbiotic relationship between event coordinators and attendees. This is all accomplished by utilizing available yield redirection strategies.
As an attendee, you will be able to pay less than face value for your ticket, or nothing at all, by utilizing your existing cryptocurrencies in an event ticket farm. The TIX platform then generates additional revenue for the event organizers once an attendees ticket is paid off.
TIX NFT tickets will be seamlessly generated with just a few clicks. This allows events to be created with ease, all while employing a robust ticketing network.
Anti-Scalping Safeguards
To promote fair-trading and to eliminate scalping abuse, on TIX.Marketplace, there will be a maximum markup on tickets based on the original price of the ticket. This is to prevent bots or whales from buying up all the tickets and turning around to sell them at unreasonable prices.
Scalpers will be disincentivized by limiting how much of the secondhand sale price can be collected by the seller. Profits from the second hand sales will be distributed between charity (Angel Protocol), the event organizers, TIX development fund, and the reseller.
4. Product Development and Roadmap
TIX’s mission is to create the most intuitive tools for performers to increase their margin while expanding their audience reach. In doing so, our aim is to offer their fans the most cost-efficient method for purchasing tickets, lowering the barrier to entry for events.
After TIX’s initial launch with TIX.Marketplace, we will move into the next phase of development, where we will be focused on implementing TIX.NFTs, TIX.Crowdfund, and TIX.Governance.
Core development objectives and projected timelines
- TIX.Marketplace: Develop and establish TIX.Marketplace as the first and premier event ticketing marketplace on Terra. [Projected Date: December 2021]
- TIX.NFTs: Users will be able to MINT, sell, and buy NFTs of everything from songs, albums, artwork, favorite moments, and more! Royalties on resale will be sent back to the creator in order to create a constant and sustainable source of income for creators. [Projected Date: Q2 2022].
- TIX.CrowdFund: TIX holders will be able to open a crowdfund for artists or event organizers to put on large scale events by individual donations [Projected Date: Q4 2022]
- TIX.Governance: TIX stakers receive staking rewards and can participate in creating and voting on governance proposals. [Projected Date: Q1 2023]
5. TIX.Token & Value Accrual Mechanisms
The TIX.Token will be utilized for governance in addition to purchasing a wide-array of products and services on the TIX.Marketplace. The TIX team is committed to driving significant value to TIX.Token holders and protocol participants as the project forges a path forward. We expect the following list to continually grow as more events utilize the platform and as more partnerships are formed.
Airdrop
A single genesis airdrop will be made to NFT-ticket holders of the live in-person genesis launch event. Token will be distributed on launch of governance.
Royalties From Resales
A percentage of NFT resales in the marketplace will be distributed to the original creators in the form of TIX.Token.
Token Buyback and Burn
A portion of the TIX.Token utilized will be bought back and burned.
Governance
Governance stakers will be able to create and vote on governance proposals, directly impacting the direction of the platform. Stakers will receive TIX.Token as a reward.
Additional Staking Rewards
Stakers will also be eligible for raffle drawings for prizes like tickets, NFTs, travel packages, and more.
6. TIX’s Core Contributor Team
Trevor.UST — TIX Founder
Angel Protocol’s Team / Electronic Health Records and Prescriptions Software Development.
JQuantAnalytics — TIX Founder
Blockchain, Fintech, & Artificial Intelligence for Venture Capital & Intellectual Property
HooliganTwts — TIX Founder
NFTeams Launchpad Founder / Real Estate Entrepreneur with 20 Years in Retail Management.
YourAverageGiant — TIX Founder
NFTeams Launchpad Team / Operations Director and Physicist
Cyxnis — TIX Founder
Andromeda Protocol Core Team / Fortune 500 Business Development
LurchingRex — TIX Team
NFTeams Launchpad Team / Community Management and Marketing
Anon Intern — Advisor
Founding Member of Apollo DAO
